6/13/2017 4:16:20 PM
REDMOND, Wash.–(BUSINESS WIRE)–Jun. 13, 2017–
Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature
projection display and sensing technology, today announced that it is
terminating an At-The Market facility it has in place with IFS
On June 12, 2017, MicroVision delivered a notice of termination under
the At-The-Market Sales Issuance Agreement dated May 1, 2017 between
MicroVision and IFS Securities, Inc. (doing business as Brinson Patrick,
a division of IFS Securities, Inc.) as sales agent. The Sales Agreement
is terminable without penalty at MicroVision’s election. Pursuant to the
terms of the Sales Agreement, termination of the Sales Agreement will be
effective on June 17, 2017. The Sales Agreement entitled MicroVision to
issue and sell, from time to time, up to an aggregate of $5 million in
shares of its common stock, par value $0.001 per share, through Brinson
As a result of the termination of the Sales Agreement, there will be no
further sales of common stock thereunder.
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature laser projection and sensing solution based on the laser
beam scanning methodology pioneered by the company. MicroVision’s
platform approach for this advanced display and sensing solution means
that it can be adapted to a wide array of applications and form factors.
It is an advanced solution for a rapidly evolving, always-on world.
Extensive research has led MicroVision to become an independently
recognized leader in the development of intellectual property.
MicroVision’s IP portfolio has been recognized by the Patent Board as a
top 50 IP portfolio among global industrial companies and has been
included in the Ocean Tomo 300 Patent Index. The company is based in
MicroVision and PicoP are trademarks of MicroVision, Inc. in the
United States and other countries. All other trademarks are the
properties of their respective owners.
Certain statements contained in this release, including those relating
to future product and product applications, are forward-looking
statements that involve a number of risks and uncertainties. Factors
that could cause actual results to differ materially from those
projected in the company’s forward-looking statements include the
following: our ability to raise additional capital when needed; products
incorporating our PicoP® scanning technology may not achieve market
acceptance, commercial partners may not perform under agreements as
anticipated, we may be unsuccessful in identifying parties interested in
paying any amounts or amounts we deem desirable for the purchase or
license of IP assets, our or our customers’ failure to perform under
open purchase orders; our financial and technical resources relative to
those of our competitors; our ability to keep up with rapid
technological change; government regulation of our technologies; our
ability to enforce our intellectual property rights and protect our
proprietary technologies; the ability to obtain additional contract
awards; the timing of commercial product launches and delays in product
development; the ability to achieve key technical milestones in key
products; dependence on third parties to develop, manufacture, sell and
market our products; potential product liability claims; and other risk
factors identified from time to time in the company’s SEC reports,
including the company’s Annual Report on Form 10-K filed with the SEC.
Except as expressly required by federal securities laws, we undertake no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, changes in
circumstances or any other reason.
Source: MicroVision, Inc.